Business
Placing raises £500,000
Placing raises £500,000.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 5552Y Tertiary Minerals PLC 06 December 2017 \n\n06 December 2017\nTertiary Minerals plc (\"Tertiary\" or \"the Company\")\nPlacing to Raise £500,000 for Potential Project Acquisition Evaluation and Due Diligence and Ongoing Development of Fluorpsar Projects\n \nTertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce that it has raised £500,000 before expenses by way of a placing of 41,666,670 new ordinary shares (the \"Placing Shares\") at 1.2 pence per share (the \"Placing\") by the Company's joint broker Beaufort Securities Ltd. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company.\n \nThe Company is planning to use the funds for project work, to include:\n \nProject Acquisition\n \n· Progressing the evaluation and due diligence of acquisition opportunities - engaged in discussions and technical due diligence for shortlisted projects capable of generating revenue and profits in the near-term, with discussions being reasonably advanced on one particular project\n \nStoruman Fluorspar Project, Sweden\n \n· Progressing the re-assessment process of the Exploitation (Mine) Permit by the Swedish Mining Inspectorate - additional information currently being prepared by the Company for the Swedish Mining Inspectorate in response to stakeholder responses requesting further detail in relation to the impact of proposed operations within the wider surrounding area\n \nMB Fluorspar Project, Nevada, USA\n \n· Progressing the Scoping Study level bench scale metallurgical testwork ongoing at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar\n \nLassedalen Fluorspar Project, Norway\n \n· Progressing the technical and legal due diligence for the purchase from Hydro of land and mine workings associated with the Company's fluorspar Mineral Resource\n \nThe Placing is being made under existing shareholder authorities. Application will be made to the London Stock Exchange for 41,666,670 ordinary shares of 0.01 pence in Tertiary to be admitted to trading on AIM (\"Admission\"), and it is expected that Admission will occur on or around 20 December 20...